Bitcoin Traders: Crucial Moves Before Tonight's CPI and FOMC

Institutional Crypto Research Written by Experts

Does your crypto card offer no rewards? KAST’s early adopter program gives 3-9% rewards on spending. 10X subscribers though, get up to a 3X multiplier taking rewards to 27%!

EXCLUSIVE OFFER: Join the waitlist & use campaign code “10X”

When we see the code, we’ll fast-track you to onboarding. Be quick—the early adopter program has limited spots, and phase 1 entry closes June 21st.

👇1-12) Tonight’s double macro-event of CPI and FOMC appears to be a coin flip after last week’s higher-than-expected US employment data, which caused most Wall Street banks to push out their first rate cut expectations towards September, if not later. Although the interest rate-sensitive Nasdaq has continued to make new all-time highs, Bitcoin has declined from 71,000 to 67,000.

👇2-12) Bitcoin could break to new highs if prices climbed above 72,000 (71,946). However, we have warned that over-positioning in Ethereum (leveraged) futures could cause unwinding with negative implications for Bitcoin (here) and preferred Bitcoin over Ethereum (last week BTC -5% vs. ETH -9%). Our report on Monday showed the chart below, as Bitcoin traded dangerously close to the uptrend line (purple).

 Bitcoin broke the uptrend (purple)

👇3-12) Instead of repricing Wall Street’s interest rate expectations, it appears more likely that SEC Chair Gensler’s comments that Ethereum ETF S-1 approvals would take time started the unwinding of leveraged long positions. The enthusiasm around an Ethereum ETF has materially declined, and the ETH/BTC ratio continues to fall within its well-defined downtrend.

Excessive Position building ($bn, RHS, purple) in Ethereum (white, LHS)

Subscribe to Premium Membership to read the rest.

Become a paying subscriber of Premium Membership to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In

A subscription gets you:
Receive concise, unrivalled informative crypto trading strategy reports (2-4x per week).
In just 10 paragraphs, unraveling the complexities and market structure of crypto and its dynamic landscape.
Insights into the intersection of crypto, regulations, macroeconomic trends, and policy shifts.
Apply to join subscriber ONLY Telegram Group. (Please read our Terms and Conditions and Disclaimer @